Whether you are a millennial just starting to think of possibly applying for a loan, or if you are a baby boomer getting ready to refinance your 3rd house, its always good to keep track of what is going on with your credit and your credit score. Here are some quick highlights as to why it is so important and how you can monitor one of your most important assets.
Credit Report Purpose
Provides history of your credit use to prospective lendersEstablishing Credit
Apply for credit card with a reasonable limitWhat information is Included in a Credit Report?
Personal Info: name, address, date of birth, employerWhat is a Credit Score?
Summary of credit report info represented as a single number, based on a mathematical calculation
FICO (Fair, Isaac, & Co.) most common score typeCredit Score Factors
Payment History: 35%Getting Credit Reports
There are 3 credit bureaus and each has a credit score for you (scores may be different)